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昨晚，利欧股份发布了可转债向下修正转股价的公告，转股的价格从原来的每股2.75元，向下修正为每股人民币1.72元。这意味着，同样面值100元的可转债，过去只能换回来36.36股，但是现在可以换回来58.14股了，整整多换了60%的股票回来！按照昨日可转债的收盘价93.3元计算，一张可转债换来的股票成本相当于93.3/58.14,即每股的成本约为1.6元，而目前利欧股份的价格是1.8元，每股可以有0.2元的差价，也就是或许每股有12.5%的收益。
因此，有不少自媒体说这是大利好，市场反应似乎也不错，今日利欧转债放量跳空大涨，最高冲到103元，之后随着大市回落，收盘报98.78元，上涨了5.87%。
近期利欧转债K线图：
利欧集团股份有限公司（以下简称“利欧股份”）于2018年11月13日召开了公司2018年第三次临时股东大会，审议通过了《关于向下修正可转换公司债券转股价格的议案》。按相关要求，修正后的转股价格不低于该次股东大会召开日前二十个交易日公司A股股票交易均价和前一交易日公司A股股票交易均价，并且不低于最近一期经审计的每股净资产和股票面值的孰高值，转股价格保留两位小数。因此，公司董事会确定利欧转债转股价格由2.75元/股，向下修正为1.72元/股，本次转股价格调整实施日期为2018年11月14日。
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虽然向下修正股票转股价格，在股票价格大幅下跌的情况下，确实修正要比不修正好。至少表面上，投资者不会因为转股价高于现价而直接面临转股亏损的局面，表面上对持有人是利好。但实际上，如果公司不向下修正转股价的话，最终债券持有人不选择转股，公司需要支付本金与利息，当然不如鼓励投资者转股合算。
而一旦转股价格倒挂，加上可转债的利息极低，几乎可以忽略，那么就会导致可转债无人问津的局面，可转债的价格也会一路下跌，这也就是为什么利欧股份最低跌到了78.8元的原因。
上面说了，向下修正转股价格，对于债券持有人来说，表面上似乎是一个利好，可转债价格也确实上涨了，但是从本质上来看，如果上市公司的业绩不能够上涨，像利欧股份这样的还预测2018年业绩下滑50%到30%的公司，转债持有人的潜在风险还是很大的。
主要原因在于，利欧一共发行了21.975亿元可转债，按原来的可转股价格，假设全部持有人均选择转股的话，那么公司的总股本只增加了 7.99亿股，而修正后，同样的钱可以换更多的股票，同样是全部选择转股的话，股票数量将增加12.78亿股，令该公司总股票从现在的55.6亿股，暴增到68.38亿股。按照该公司全年业绩的平均值2.5亿元净利润计算，其平均每股收益只有0.036元，按照现在1.8元的价格计算，市盈率也高达50倍了。
如果2019年公司业绩不变的话，按照目前中小板估值中位数30倍的水平去推算，该股股价将跌到1元左右，这意味着该股届时的退市风险将相当大。
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该股自2007年上市以来，总共融资81.9亿元，其中IPO融资2.6亿元，增发加可转债融资79.31亿元，但是十多年来的分红只有2.63亿元。真不知道这样的盈利能力，为何能够一再获得资金去做不赚钱的买卖？投资者直接买国债收益都比它强。
说多了都是泪，所以本人一直建议投资者不要去买可转债，基本上投资者是占不到啥好处的，尤其是在经济大环境不好，又叠加股市走势不佳的情况下。
当然，不能否认，如果是因为目前股价下跌，上市公司大幅向下修正了转股条件，而企业的经营面不错，没有出现利欧股份这样业绩大幅下滑的情况，公司股价目前也较高，不会因为转股数量增多，在估值不变的情况下面临1元股的境地、同时未来证券市场能够走好的话（注意，这么多先决条件，几乎是缺一不可的），那么这些可转债确实具有一定的投资价值。
如果你不是专业的投资者，没有办法一家家可转债去选，那么你最简单的办法就是去买一只可转债基金。当然在下手可转债基金前，最好看一下其前十大重仓券种，然后看一下这十家公司业绩是否下滑，股价是否在2元以下。如果像利欧这样的转债多的话，还是不要买入为佳。而自己去申购可转债，本人一向是反对的。目前二级市场上，可转债的平均价格是99.34元，有65只可转债的价格低于100元，最低的辉丰转债，价格不到80元！
下表是今日收盘后价格不足90元的可转债名单：
（数据来源同花顺）
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Don't be stupid, turning down the stock is not a good thing!
Last night, Leo announced the announcement of the downward revision of the convertible bonds. The revised price was reduced from the original 2.75 yuan per share to 1.72 yuan per share. This means that the same convertible bond with a face value of 100 yuan can only be exchanged for 36.36 shares in the past, but now it can be exchanged for 58.14 shares, and a full 60% of the shares are returned! According to the closing price of yesterday's convertible bonds of 93.3 yuan, the stock cost of a convertible bond is equivalent to 93.3/58.14, that is, the cost per share is about 1.6 yuan, and the current price of Leo shares is 1.8 yuan. Shares can have a price of 0.2 yuan, which is perhaps a 12.5% earnings per share.
Therefore, there are quite a few self-medias saying that this is a big profit, and the market reaction seems to be good. Today, Liou’s debt-to-debt volume jumped up to a maximum of 103 yuan. After the market fell back, it closed at 98.78 yuan. 5.87%.
Leo Group Co., Ltd. (hereinafter referred to as “Leo Shares”) held its third extraordinary shareholders meeting in 2018 on November 13, 2018, and considered and approved the downward revision of the conversion price of convertible corporate bonds. motion".
According to the relevant requirements, the revised conversion price is not lower than the average price of the company's A shares trading on the 20 trading days before the date of the shareholders' meeting and the average price of the company's A shares trading on the previous trading day, and not lower than the latest one. The audited net asset value per share and the face value of the stock are high, and the conversion price retains two decimal places. Therefore, the board of directors of the company determined that the conversion price of Leo convertible bonds was revised from 2.75 yuan/share to 1.72 yuan/share. The implementation date of this conversion price adjustment was November 14, 2018.
Although the stock conversion price is revised downwards, in the case of a sharp drop in stock prices, the correction is better than no correction. At least on the surface, investors will not face a direct conversion loss because the conversion price is higher than the current price. On the surface, it is good for the holders. But in fact, if the company does not downward revision of the conversion price, the final bondholders do not choose to convert shares, the company needs to pay the principal and interest, of course, it is better to encourage investors to convert shares.
Once the conversion price is upside down, and the interest on convertible bonds is extremely low, it can be neglected. If the convertible bonds are not in doubt, the price of convertible bonds will fall all the way, which is why the lowest time, Liou The price of the debt fell to a minimum of 78.8 yuan.
As mentioned above, downward revision of the price of the conversion, for the bondholders, seems to be a positive on the surface, the price of convertible bonds has indeed risen, but in essence, if the performance of listed companies can not rise, For companies like Leo, which also predict a 50% to 30% decline in 2018, the potential risks for convertible bond holders are still large.
The main reason is that Leo issued a total of 2.975 billion yuan of convertible bonds. According to the original convertible price, if all holders choose to convert shares, then the company's total share capital will only increase by 799 million shares. The same money can be exchanged for more stocks. If all the options are converted, the number of shares will increase by 1.278 billion shares, which will increase the company's total stock from the current 5.56 billion shares to 6.838 billion shares. According to the average annual profit of the company's annual performance of 250 million yuan, its average earnings per share is only 0.036 yuan, according to the current price of 1.8 yuan, the price-earnings ratio is also up to 50 times.
If the company's performance in 2019 remains unchanged, according to the current 30-fold median valuation of the small and medium-sized board, the stock price will fall to about 1 yuan, which means that the stock's delisting risk will be quite large.
Since its listing in 2007, the stock has raised a total of 8.19 billion yuan, of which 260 million yuan for IPO financing and 7.931 billion yuan for additional convertible bonds, but the dividend for more than a decade has only 263 million yuan. I really don't know how profitable, why can I get the money again and again to make money that is not profitable? Investors directly buy government bonds and earn more than it.
Too much to say is tears, so I have always advised investors not to buy convertible bonds, basically investors do not take advantage of the benefits, especially in the case of a bad economic environment, and superimposed stock market trend is not good .
Of course, it cannot be denied that if the current stock price falls, the listed company has revised down the conditions for the conversion, and the business of the company is good. There is no such thing as a sharp decline in the performance of the company. The company's share price is currently higher. Because of the increase in the number of shares, the situation of 1 yuan stocks in the case of constant valuation, while the future securities market can go well (note that so many prerequisites are almost indispensable), then these can be transferred. Debt does have a certain investment value.
If you are not a professional investor, there is no way for a family to convert debts to choose, then your easiest way is to buy a convertible bond fund. Of course, before you start to convert the debt fund, it is best to look at the top ten heavyweights, and then see if the performance of these ten companies is declining, and whether the stock price is below 2 yuan. If there are more convertible bonds like Leo, it is better not to buy. I have always opposed the purchase of convertible bonds. At present, in the secondary market, the average price of convertible bonds is 99.34 yuan, and the price of 65 convertible bonds is less than 100 yuan. The lowest Huifeng convertible bond, the price is less than 80 yuan!
The following table is a list of convertible bonds with a price below 90 yuan after the close of trading today:
(Data source straight flush)
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